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Show Park City's delinquent taxes prompted by low interest rates city' collections came within with-in $13,000 of its estimates, she said. Loble said the city is predicting a decrease of about 4 mills in this year's property tax rate. The assessed valuation of the county went up drama tically last year, Williams said. The assessed valuation of commercial property could be up as much as 40 percent and residential properties up IS percent. This means that mill levies could go down while actual property taxes go up. An organized campaign could cut delinquent taxes by half, Williams said. He maintains that there are a "surprising number" of people peo-ple who could be unaware that they owe property taxes. Delinquency is a bargain when the interest rates on unpaid property taxes are compared with the prime lending rate. Meanwhile, tax rates could be affected as collections on property taxes slip in Park City. In 1982 the Park City Municipal Corporation collected col-lected only 80.37 percent of the property taxes owed by its residents. That figure is down from 84.95 percent in 1981, and falls well below the average collections rate across the county and the state, according to Summit County Treasurer Bob Williams. Wil-liams. In comparison, Coalville Coal-ville collected 92 percent of its 1982 property taxes. Park City's low collection rate also extends to the school district, which took in only 77.28 percent of its 1982 property taxes, compared to 96.9 percent in the North Summit School District and 95.9 percent in South Summit. Sum-mit. Williams said it could be a "good business decision" for certain parties to pay the eight percent penalty on delinquent property taxes when the prime lending rate is substantially higher. The interest rate for delinquent taxes is set by the state legislature, based on a recommendation by the Federal Reserve Board. The rates vary from year to year, lower than the prime, according ac-cording to Williams. Individuals and corporations corpora-tions are allowed by state law to be in arrears on , property taxes for five years, said Williams. However, How-ever, the loss of revenue to the taxing entity generally forces increases in the next year's property taxes, he said. , A review of the 1982 delinquent tax list reveals that developers are largely responsible for the $268,241 in outstanding taxes owed to the Park City Municipal Corporation. Compounding the problem, prob-lem, Williams said, is the Park City Redevelopment Agency, which takes its allocation as though 100 percent of the taxes had been collected. Each taxing unit in the county, and there are 51 of them, can set a mill levy which is then multiplied by the assessed valuation of specific property (which is only a fraction of the market value) to formulate dollar values in property tax. One mill levied on $1 million of property brings $1,000 in property tax. Not all of the counties taxing units, however, how-ever, impose property taxes presently. City Manager Arlene Loble maintains that the city isn't greatly affected by depending upon the economy; econo-my; in 1981 the rate was 12 percent, in 1980 13 percent. However, delinquent tax penalty rates are always delinquent taxes because rates of delinquency are figured into the budget. Using a formula which includes tax delinquency, the |